According to the company, the service called Apple Pay Later will enable customers to pay for purchases in four equal installments over the course of six weeks without incurring any interest or fees.
According to the company, users can apply for loans ranging from $50 to $1,000 that can be used for online and in-app purchases made on iPhone and iPad with merchants that accept Apple Pay.
According to the company, over 85% of retailers in the United States accept Apple Pay.
According to the company, Apple Buy Now Pay Later Service is enabled by means of the Mastercard Installments program. Additionally, Goldman Sachs was the provider of the Mastercard payment credential.
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Apple Pay Later’s pre-release version will be made available to all eligible customers that apply for loans in the coming months after the company begins inviting some users to try it out.
The BNPL business model was developed during a period of extremely low interest rates; however, the possibility of sustained interest rate increases has raised concerns for the industry.